The province's combined personal income tax rate at $50,000 of income is the fourth-highest in North America.
The province's combined personal income tax rate at $50,000 of income is the fourth-highest in North America.
These deficits have fuelled an $867.2 billion increase in gross federal debt from 2014/15 to 2022/23.
This year, the province will spend a projected $548 million on provincial debt interest.
The provincial government revised its $1.0 billion projected budget surplus to a $250.5 million projected deficit.
The province's net debt will reach a projected $3.2 billion by 2025/26.
At last update, the province’s budget deficit was $440 million for 2021-22.
Canada has the fifth-highest level of total government debt among 29 industrialized countries.
The Trudeau government plans to implement new spending programs including national childcare and pharmacare.
Program spending is projected to increase from pre-pandemic levels by 15.2 per cent in 2021/22.
The string of deficits will increase Nova Scotia’s government debt by nearly 40 per cent from 2019/20 to 2024/25.